New Bear Market Low

The market hit a new six-year low closing down 89 points as Hewlett-Packard issued disappointing earnings and financials fell to new 14-year lows. Hewlett-Packard missed revenue estimates and guided lower causing investors to scramble out of the stock knocking it down 7.9% for the day. Also, investors continue to liquidate their holdings of financial companies with Bank of America and Citigroup both falling 14%. The Dow closed 18 points off the new bear market lows at 7,465.

The Dow made a new low for the year by 2 points hitting 7,447 just before the close of trading. This new low failed to spark the interest of any significant buying or selling. A feeble bounce was attempted before it failed and the market closed on the lows of the day. It appears that this market will continue to trickle lower as the stocks fall by their own weight.